Barry Sloane: Yeah, I mean, I think this particular product is unique. It fits our model of client acquisition. So we get a thousand referrals a day and there are borrowers that want 7 million, 8 million. There are borrowers that want fixed rate, there are borrowers that have used up their $5 million of SBA guarantee. There are borrowers that only occupy 45% of the real estate instead of 50 and a fraction. They can’t get an SBA loan. So then we’re able to offer them this particular loan. The credits — we believe are stronger because the businesses do tend to be bigger. The wherewithal of the personal guarantees, which I will tell you the capital markets does not understand. The rating agencies don’t understand them. We’ve been in the business of lending with personal guarantees for 20 years.
We use them. We hold the borrower’s feet to the fire, and we get their full attention on them. So we’re able to charge a very healthy rate. And in the current market, it is — we’ve got a nice pipeline that’s now building and growing given that recent capital raise. That capital raise stand-alone could enable us to do 200 million somewhat of these particular loans through joint ventures.
Scott Sullivan: That’s terrific. And yeah, for me, I think you guys have created a very interesting new banking model. And I just wish you continued success.
Barry Sloane: Appreciate it, Scott. Thank you.
Operator: One moment for our next question. And for our next question comes from the line of Bryce Roe from B. Riley. Bryce, your line is open. Please ask your question.
Bryce Roe: Thanks. Good morning. Hey, Barry. Wanted to just ask about the potential spin of new technology solutions. Is that contemplated in your guidance for ‘24 and any kind of thought process around why and possibly when? I know you said by the end of 1Q ‘25, but just any more clarity on that would be helpful. Thanks.
Barry Sloane: Sure. Bryce, we like the business a lot. And right now, although, different things can occur, I think it’s our intention to offer that as a dividend to shareholders. Now, I would say that I hope to do it tax-free. So therefore, the effects of the business on a consolidated basis will flow through the full calendar year of 2024, and anything else probably will be at 2025 event.
Bryce Roe: Okay. Appreciate that. I think all the other questions were asked and answered. Thank you.
Barry Sloane: Thank you.
Operator: All right. So presenters, there are no further questions at this time. I would like to turn the conference back to the CEO, Barry Sloane for closing remarks.
Barry Sloane: Certainly appreciate everybody attending today. We had a very full call. And we’ll continue to keep our head down, plow forward, and deliver the results that you expect from us. Thank you very much.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
